ASSETS AND LIABILITIES OF DIVESTED BUSINESS AND DISCONTINUED OPERATIONS

6 Months Ended

Dec. 31, 2013

ASSETS AND LIABILITIES OF DIVESTED BUSINESS AND DISCONTINUED OPERATIONS

NOTE 3:  ASSETS AND LIABILITIES OF DIVESTED BUSINESS AND DISCONTINUED OPERATIONS

Assets and Liabilities of Divested Business

In December 2013, the assets of DeVry Group’s Advanced Academics Inc. (“AAI”) subsidiary, which had previously been disclosed as “held for sale” were divested. These assets were sold for $2.0 million which approximated the recorded net book value of the assets on the date of sale. The assets and liabilities of AAI are separately disclosed in the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012. The following is a summary of balance sheet information of divested assets and liabilities at June 30, 2013 and December 31, 2012 (dollars in thousands).

	June 30,		December 31,
	2013		2012
ASSETS:
Current Assets:
Cash and Cash Equivalents	$	568	$	(308)
Accounts Receivable, Net		12,050		21,336
Deferred Income Taxes, Net		2,757		168
Prepaid Expenses and Other		844		7,510
Total Current Assets of Divested Business		16,219		28,706
Land, Building and Equipment of Divested Business, Net		-		5,521
Other Assets:
Deferred Income Taxes, Net		2,602		498
Other Assets		3,185		220
Total Other Assets of Divested Business		5,787		718
Total Assets of Divested Business	$	22,006	$	34,945
LIABILITIES:
Current Liabilities:
Accounts Payable	$	178	$	286
Accrued Salaries, Wages and Benefits		482		436
Accrued Expenses		47		34
Deferred and Advance Tuition		6		774
Total Current Liabilities of Divested Business		713		1,530
Other Liabilities:
Deferred Rent and Other		112		-
Total Other Liabilities of Divested Business		112		-
Liabilities of Divested Business	$	825	$	1,530

Discontinued Operations

The operating results of AAI are separately disclosed in the Consolidated Income Statements as “Discontinued Operations – Loss from Operations of Divested Component”. The following is a summary of operating results of the discontinued operations for the three and six month periods ended December 31, 2013 and 2012 (dollars in thousands).

	For the Three Months				For the Six Months Ended
	Ended December 31,				December 31,
	2013		2012		2013		2012
DISCONTINUED OPERATIONS:
Loss from Operations of Divested Component	$	(1,084)	$	(1,290)	$	(3,931)	$	(4,948)
Gain on Sale of Assets		372		-		372		-
Asset Impairment Charge (Note 5)		-		-		(13,477)		-
Restructuring Expense		(675)		-		(675)		-
		(1,387)		(1,290)		(17,711)		(4,948)
Income Tax Benefit		467		452		1,463		1,936
Loss from Discontinued Operations, Net of Income Taxes	$	(920)	$	(838)	$	(16,248)	$	(3,012)